These 3 TSX stocks have doubled in the last 2 years: can they do it again?

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Canadian markets suffered a major setback from the spring of this year. This crisis dissipated in the second half of the summer. Despite soaring inflation and other fundamental warning signs, markets avoided a major correction. This was not the case in March 2020. The severity of the COVID-19 pandemic became evident during this month, triggering a sell-off in global equity markets.

Today I want to look at two TSX stocks that have managed to double in value since this market correction. Can these actions repeat this feat in the future?

This TSX Green Power stock is an interesting target right now

Northland Energy (TSX: NPI) is a Toronto-based independent power producer that develops, builds, owns and operates clean and green energy projects in North America and around the world. Green energy stocks are worth holding for the long term, as renewables have significantly expanded their market share in recent years.

Shares of this TSX stock fell below $20 during the March 2020 market downturn. It closed at $45.74 on August 12. The stock has risen 22% since the start of the year. In the second quarter (Q2) 2022, Northland Power recorded sales of $557 million, compared to $408 million the previous year. Adjusted free cash flow per share climbed to $0.70 above $0.10 in 2021.

This TSX stock currently has a favorable price-to-earnings (P/E) ratio of 18. Even better, it offers a monthly dividend of $0.10 per share. This represents a return of 2.6%.

Here’s an income-focused stock that’s come back with a bang from its 2020 plunge

Foreign exchange income (TSX:EIF) is a Winnipeg-based company engaged in aerospace and aircraft services and equipment, and manufacturing businesses worldwide. This TSX stock is up 13% year-to-date. It also fell below $20 during the March 2020 market pullback. The exchange closed at $48.93 on August 12.

The company released its second quarter 2022 results on August 11. Revenue grew 64% year over year to $529 million. Investors looking for a better picture of a company’s profitability may want to look at its EBITDA, which represents earnings before interest, taxes, depreciation and amortization. Exchange reported adjusted EBITDA growth of 42% to $115 million.

Shares of this TSX stock last had an attractive price-to-earnings ratio of 26. It currently offers a monthly distribution of $0.20 per share, which is a very strong yield of 4.9%.

Another TSX stock I would bet on for the long haul

National Bank (TSX:NA) is the third TSX stock to double in price since being hit in the March 2020 stock market crash. It’s the smallest of the Big Six Canadian bank stocks, but it’s not expected to not go unnoticed. Its shares have fallen 6% so far in 2022.

Investors can expect to see National Bank’s next results during the last week of August. The stock currently has a very attractive P/E ratio of 9.5. Additionally, it offers a quarterly dividend of $0.92 per share. This represents a return of 3.9%.

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